Renewable Energy Continues Rapid Global Growth in 2007

March 12, 2008

The global use of renewable energy sources continued its rapid growth
in 2007, with 40 gigawatts of new renewable energy capacity added
throughout the world, according to a new report. That capacity growth,
which includes large hydropower, brings the world's renewable energy
generating capacity to more than a thousand gigawatts. Excluding large
hydropower, renewable generating capacity grew by 33 gigawatts to a
total of 240 gigawatts, a 16% annual growth rate. At 95 gigawatts,
wind power is the largest of the newer renewable energy sources, while
grid-connected solar photovoltaic systems increased by 53%, reaching
7.8 gigawatts.

Among other renewable energy sources, ethanol production reached
12 billion gallons, biodiesel production exceeded 2 billion gallons,
and there are now enough solar hot water systems to produce
128 gigawatts of thermal energy. The United States now leads the world
in new wind capacity added each year and in annual ethanol production,
and it also features the largest installed capacities for geothermal
and biomass energy power plants. See the press release and report
(PDF 480 KB) from the Renewable Energy Policy Network for the 21st
Century, or REN21.
Download Adobe Reader.

While the REN21 report estimates last year's investments in renewable
energy at $71 billion, analysts at New Energy Finance have increased
their estimate to $148.4 billion, more than double the REN21 estimate
and a significant increase from New Energy Finance's previous estimate
of $117.2 billion, which was released in January. The new figure
includes transactions made near the end of the year but not disclosed
until more recently, and it reflects a 60% increase over investments
in 2006, according to New Energy Finance. See the New Energy Finance press
release (PDF 18 KB).